Yellow Corporation YELL reportedly terminated its operations after grappling with multiple issues, including mergers that left it burdened with debt and a conundrum with the Teamsters Union.
The shutdown endangers the employment of nearly 30,000 people, the WSJ reported.
The Teamsters Union said it was served legal notice today that Yellow Corp. is ceasing operations and filing for bankruptcy.
Last Friday, YELL reportedly laid off multiple nonunion employees after they stopped taking in new customer shipments.
A shutdown would also bring new scrutiny to the Trump administration’s decision to give the company a $700 million COVID rescue loan in 2020, the report added.
Price Action: YELL shares are trading higher by 23% to $0.87 premarket on the last check Monday.
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